MANILA (XINHUA) – The Philippine Board of Investments (BOI) said it has approved PHP1.62 trillion (roughly USD27.4 billion) worth of investments, the highest level of investment approvals in the BOI’s 57-year history.
This year’s approvals reflected a 28-per-cent growth compared to that in the same period of 2023, the BOI, the lead investment promotion agency of the Department of Trade and Industry, said in a statement.
The agency said the energy sector, specifically renewable energy projects, led the surge in approvals, totaling PHP1.38 trillion (about USD23.37 billion), a 40 per cent year-on-year increase.
Other leading sectors included air and water transport, real estate activities (mass housing), and manufacturing, it added.
Foreign investments constituted a substantial portion of the approved projects, amounting to PHP383.31 billion (about USD6.5 billion), the BOI said.
Switzerland, followed by the Netherlands and Japan, led the foreign investors, contributing PHP289.06 billion (USD4.89 billion) in the approved investments.
The agency said local investments have seen a 150 per cent uptick, with Filipino companies contributing PHP1.23 trillion (about USD20.83 billion) worth of investments.
